Chicago, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Telehealth & Telemedicine market in terms of revenue was estimated to be worth $120.4 Billion in 2023 and is poised to reach $285.7 billion by 2028, growing at a CAGR of 23.2% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in the telehealth and telemedicine market is mainly driven by factors such as the rising population, the increasing need to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, the rising level of government support, and increasing awareness. However, regional variations in regulations, fraud, and the use of social media for care provision will affect market growth negatively during the forecast period.
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Telehealth & Telemedicine Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $120.4 Billion |
| Estimated Value by 2028 | $285.7 Billion |
| Growth Rate | Poised to grow at a CAGR of 23.2% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Mode of Delivery, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | High utility in combating infectious diseases and use of technologies such as blockchain and AI |
| Key Market Driver | Increasing Adoption Of Digital Health And Telehealth to drive the market |
The cloud-based delivery mode is expected to account for the largest share of 78.2% of the global telehealth and telemedicine market in 2022. It is projected to grow at the highest CAGR of 28.6% during the forecast period. This segment is projected to reach USD 243.3 billion by 2028 from 68.5 billion in 2023. The on-demand nature of these services, their easy scalability, and the cost-benefits of cloud-based solutions are all driving the growth of this market.
Based on the component segment, the telehealth and telemedicine market are segmented into software & services by type, Software and services by offering and hardware. The software & services segment is expected to account for the largest share of 71.3% of the global telehealth and telemedicine market in 2022. The large share of this segment is mainly due because the enhancing digital presence and expanding online services contribute to the enhancement of healthcare services through the adoption of software and service tools. Healthcare providers can optimize patient solutions by utilizing these tools, facilitating seamless connectivity among service providers. Thus, driving the growth of this segment.
Based on Application, the teleradiology segment is expected to account for the largest share of 22.2% of the global telehealth and telemedicine market in 2022. Factors such as an increase in imaging practices, an increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are driving the market growth.
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Telehealth & Telemedicine market major players covered in the report, such as:
- Koninklijke Philips, N.V (Netherlands)
- Medtronic plc (Ireland)
- GE Healthcare (US)
- Oracle (US)
- Siemens Healthcare GmbH (Germany)
- Cisco Systems (US)
- Asahi Kasei Corporation (Japan)
- Iron Bow Technologies (US)
- American Well (US)
- Teladoc Health, Inc. (US)
- AMC Health (US)
- TeleSpecialists(US)
- Doctor On Demand by Included Health, Inc. (US)
- MDLIVE (US)
- GlobalMedia Group, LLC (US)
- Medvivo Group Ltd. (UK)
- Medweb(US)
- VSee (US)
- Imedi Plus (China)
- Zipnosis (US)
- ACL Digital (US)
- iCliniq (US)
- Boston Scientific Cardiac Diagnostics Inc. (US)
- Resideo Technologies Inc. (US)
- and Among Others
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This report categorizes the Telehealth & Telemedicine market into the following segments:
Telehealth and Telemedicine market, By Component
- Software and Service by Type
- Remote Patient Monitoring
- Real Time Interaction
- Store and Forward
- Software and Service by Offering
- One-Time Purchase
- Subscription Based
- Pay-Per Use
- Hardware
- Monitors
- Medical Peripheral Devices
- Blood Pressure Monitors
- Blood Glucose Meter
- Weight Scales
- Pulse Oximeters
- Peak Flow Meters
- Ecg Monitors
- Other Medical Peripheral Devices
Telehealth and Telemedicine market, By Mode of Delivery
- Cloud based
- On Premise
Telehealth and Telemedicine market, By Application
- Telecare
- Activity Monitoring
- Remote Medication Management
- Teleconsultation
- Tele ICU
- Telepsychiatry
- Teledermatology
- other applications
Telehealth and Telemedicine market, By End User
- Providers
- Hospitals & Clinics
- Long Term Care Centers & Assissted Living Centers
- Payers
- Public
- Private
- Patients and consumers
Telehealth and Telemedicine market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- Italy
- Spain
- France
- RoE
- Asia Pacific
- Japan
- China
- India
- Australia
- RoAPAC
- Latin America
- Middle East and Africa
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Telehealth & Telemedicine Industry Recent Developments:
- In 2021, Medtronic forged a partnership with Statis Lab Inc., aiming to introduce a patient monitoring system in India.
- Koninklijke Philips unveiled new products, such as Patch, Maternal Pod, and Avalon CL Fetalin 2020 for remote patient monitoring across New Zealand, Europe, Singapore, the United States, and Australia.
- In 2020, BioTelemetry completed the acquisition of various healthcare services and products from Envolve, encompassing a coaching platform and remote patient monitoring. The strategic move concentrated on addressing healthcare needs in hypertension, mental health, diabetes, and chronic heart failure.
Key Market Stakeholders:
- Telehealth and telemedicine equipment manufacturers
- Suppliers and distributors of telehealth and telemedicine equipment
- Healthcare IT service providers
- Healthcare insurance companies/payers
- Healthcare institutions/providers (hospitals, clinics, medical groups, physicians’ practices, diagnostic centers, and outpatient clinics)
- Venture capitalists
- Government bodies/regulatory bodies
- Corporate entities
- Accountable care organizations
- Telehealth resource centers
- Research and consulting firms
- Technology partners
- Medical research institutes
- Clinical departments
- Ministries of health
Report Objectives:
- To define, describe, and forecast the telehealth and telemedicine market based on component, application, mode of delivery, end user, and region
- To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall telehealth and telemedicine market
- To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments with respect to four main regions—North America, Europe, the Asia Pacific, and the Rest of the World
- To profile key players and analyze their market shares and core competencies
- To track and analyze competitive developments such as product launches & approvals, partnerships, agreements, collaborations, and expansions in the overall market
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategies
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